The Times
Investors increase pressure on Akzo to enter takeover talks: The activist investor Elliott Advisors has put pressure on Akzo Nobel to engage in takeover talks after it rejected a €22.4 billion approach.
China signals end of the rank-and-file cab: Britain is to get two new vehicle plants in one after Geely said that its new factory in the Midlands would assemble hybrid black taxis and electric vans for shopping home deliveries.
Sterling fuels rising car exports and production: Boosted by the weaker pound, output rose by 8% to 153,041 units last month compared with a year ago, according to the Society of Motor Manufacturers and Traders. Production also accelerated from January, when it rose by 7.5% year-on-year.
Tycoon’s Brexit fears come true as currency woes hit empire: The Hong Kong conglomerate that owns Superdrug, Northumbrian Water and the mobile operator Three suffered a big hit on revenue last year because of its exposure to the pound.
Savills bemoans ‘final nail in the coffin’ for the London market: The extra stamp duty surcharge for second homes and buy-to-let properties acted “as the final nail in the coffin” for the London housing market last year, the Chief Executive of Savills has claimed.
Chinese shoppers jump on low pound: Chinese visitors doubled their spending in Britain after the Brexit vote triggered a fall in the pound and increased the lure of tax-free shopping, The Times has learnt.
It’s time for a little bit of luxury: The luxury retailer famed for its Birkin bags and upmarket watches said that its profits had risen by 13% to €1.1 billion. Axel Dumas, Chief Executive, said that the performance was “better than expected in an “uncertain” environment.
Trump gives art connoisseurs the jitters: Global sales of fine art and antiques fell by 11% last year to $56.6 billion, the lowest level since 2010, as political and economic uncertainty around Brexit and the U.S. Presidential election weighed on auction houses.
Koreans make power play in Cumbria: A South Korean utility company has confirmed that it wants to buy a stake in the NuGen nuclear project in Cumbria, but it has ruled out buying Westinghouse, the troubled reactor-maker for the venture.
Ambitious energy supplier logs into home broadband market: Britain’s biggest independent energy supplier is launching a home broadband service as it tries to capitalise on “striking parallels” between the markets.
Bank, the word that dare not speak his name: Lobbyists for Britain’s banking industry might soon drop the word “bank” from their business cards as part of a four-way merger between the country’s main financial representative groups.
The Independent
U.K. homes could see energy bills increase by up to £445 per year: Homes across the U.K. could see their energy bills increase by up to £445 a year as a result of fixed-rate deals offered by 10 popular providers expiring.
Threat to U.K. credit rating from cliff-edge Brexit says Moody’s: The U.K.’s credit rating could be cut again if the U.K. crashes out of the European Union without a trade deal, the ratings agency Moody’s has warned.
Barclaycard Boss quits to defend U.S. civil liberties against Trump: One of Barclays’ most senior Executives is retiring to fight for civil liberties in his adopted homeland amid concerns about the rights of Muslims, immigrants and women.
Primark recalls children’s novelty cat leggings over choking hazard: Primark has recalled a pair of “novelty” cat leggings for children over fears they could present a safety hazard.
Thames Water fined £20.3 million for polluting the River Thames with sewage: Thames Water has been fined £20.3 million for polluting the River Thames with 1.4 billion litres of raw sewage, the largest ever fine to be handed down to a water utility for an environmental disaster.
EU to give U.K. banks new incentive to leave London, say officials: Banks in London that relocate operations to the euro zone after Brexit are likely to be spared a lengthy entry test by regulators, making it easier for them to shift, according to two officials with knowledge of the matter.
London Taxi Company opens new £300 million Coventry factory: A British icon received a boost on Wednesday as the London Taxi Company opened a new £300 million factory in Coventry. The plant has created 1,000 jobs and the firm says 5,000 black cabs will roll off production lines each year by 2019.
Modest pick-up in business investment intentions in Bank survey: Investment intentions among firms have picked up slightly this year, according to the Bank of England’s network of regional agents.
Airbnb changes its name to Aibiyin and doubles investment to woo China: Although Uber failed to dominate the vast and fiercely competitive Chinese market, Airbnb is still determined to make it a success.
The Daily Telegraph
Government’s pledge to cut energy prices risks leaving consumers worse off, ex-regulators warn: The Government’s pledge to curb household energy prices risks sabotaging the retail market leaving consumers worse off in the long run, a group of former regulators has warned.
VW attacked by MPs over failure to release findings of ‘dieselgate’ investigation: Volkswagen has been attacked over the evidence about the “dieselgate” emissions scandal it gave to MPs during a meeting of the House of Commons Transport Select Committee.
Oil price drops below $50 for first time since Opec deal: The oil price has fallen back below the key $50 a barrel mark for the first time since November after surging U.S. oil supplies dealt a blow to Opec’s plan to erode the global oversupply of crude.
Guardian to press ahead with compulsory redundancies for first time amid continued losses: The owner of The Guardian and The Observer newspapers is to make compulsory redundancies for the first time in its history as management attempts to stem years of financial losses.
First Utility branches into broadband as multi-utility market heats up: The largest independent challenger to the U.K.’s ‘Big Six’ energy suppliers has set its sights on the broadband sector in an attempt to widen its consumer appeal as retail competition heats up.
City watchdog wins legal battle with ‘London Whale’ Executive: The City regulator has won a protracted legal battle with an ex JP Morgan Executive caught up in the “London Whale” controversy who had argued the watchdog had wrongfully identified him when it fined the Wall Street bank £138 million.
Ferrexpo restores dividend on premium performance: Ukraine-based miner Ferrexpo has reinstated its final dividend after growing sales during a tough year for commodities.
The Questor Column:
Unilever may appear to be expensive, but this is a business of unique quality: The share price reacted predictably to the bid – it rose by about 13% – and to its abandonment two days later, which resulted in a 6.6% fall. What has happened since is more remarkable: the shares closed at £40.29, above the £37.97 close on the day of the bid. At such levels – the share price is more than 20% above its average for the past year and has roughly doubled in five years – many investors will be asking whether Unilever is now overvalued. Questor agrees that Unilever is a business of unmatched quality. We advise readers to follow these investors’ example. Questor says ‘Hold’.
Update: Revolution Bars: In November we tipped Revolution Bars, the cocktail chain, at 178p. The shares have gained 26.2% since then but there should be further to go. Keith Ashworth-Lord, who holds the shares in his SDL U.K. Buffettology fund, said the company had recently announced an acceleration in its branch opening programme, which it funds entirely from profits generated by the existing bars. He added that the company had also reported the 14th consecutive quarter of like-for-like sales growth and had generated a “highly attractive” 19.2% return on equity in the last financial year. “This is a roll-out model at an immature stage with plenty of expansion potential,” he said. “Despite the recent rise, our projections suggest that the shares are still 10%-15% undervalued.” Questor says ‘Buy’.
The Guardian
U.K.-based airlines told to move to Europe after Brexit or lose major routes: EU Chiefs have warned airlines including easyJet and Ryanair that they will need to relocate their headquarters or sell off shares to European nationals if they want to continue flying routes within continental Europe after Brexit.
Tesco pulls Sol, Amstel and Tiger from shelves in Brexit price row: Fans of Heineken beers including Amstel, Sol and Kingfisher will not be able to find them in Tesco for the foreseeable future after the supermarket refused to accept price increases the brewer blamed on Brexit and the budget.
Number of women working past 70 in U.K. doubles in four years: The number of women working past the age of 70 has doubled in the past four years, according to official figures that also reveal one in seven men are continuing in the workforce into old age, amid growing concerns over the bleak outlook for pensions.
FTSE CEOs ‘earn 386 times more than workers on national living wage’: The average FTSE Chief Executive earns 386 times more than a worker on the national living wage, according to an analysis published by the Equality Trust as it steps up its campaign for new government rules to expose pay gaps.
Bank that lent $300 million to Trump linked to Russian money laundering scam: The German bank that loaned $300 million (£260 million) to Donald Trump played a prominent role in a money laundering scandal run by Russian criminals with ties to the Kremlin, the Guardian can reveal.
Plusnet fined £880,000 for charging more than 1,000 ex-customers: Plusnet, the BT-owned broadband and landline company, has been fined almost £900,000 by Ofcom for continuing to charge more than 1,000 customers even though they had cancelled their accounts.
Daily Mail
Budget footwear chain Brantano falls into administration, putting 1,000 jobs at risk: Footwear retailer Brantano has fallen into administration, putting 1,000 jobs at risk.
U.S. giant makes £19 billion bid for Dulux: 3,500 jobs at risk as Chemicals giant PPG swoops for Dutch owner of ICI: The future of thousands of British jobs has been thrown into doubt after an American chemicals giant launched a £19 billion bid for the manufacturer of Polyfilla and Dulux.
German bid for the London Stock Exchange ‘will be rejected by competition Chiefs within days’: A German takeover of the London Stock Exchange will be rejected within days, sources claim.
New Screwfix stores prop up B&Q’s owner Kingfisher as it warned over Brexit and the French elections: B&Q owner Kingfisher leaned on Screwfix to pull up U.K. sales, as it warned over Brexit and the French Presidential elections.
British Gas Chief Iain Conn slammed over ‘ridiculous’ £1 million pay rise that takes his earning to £4.1 million: The leader of British Gas-owned Centrica picked up a £1 million pay rise last year, in a move condemned as ‘ridiculous’.
Fury over £700k pay-off for Bovis Boss ousted in £7 million scandal over the quality of its new homes: Troubled housebuilder Bovis Homes has come under fire after handing its former Boss a pay-off worth nearly £700,000.
Daily Express
Cheque next-day clearance system to start from this year: Industry-wide moves to “put cheques firmly in the 21st century” - with new technology enabling them to clear by the next day - will start in October.
New Nationwide deal for parents to raise cash from their home to help their children: Mortgage deals allowing parents to raise funds from their property to help their adult children buy their first home have been launched by Britain’s biggest building society.
Wall Street losses spark global stock sell-off amid impending doom: Britain’s top stock indices dived in Wednesday morning trading, following huge losses overnight on Wall Street, as investors appear to be losing faith in new U.S. President Donald Trump.
Pound falls dramatically as terror attack rocks London: The pound fell dramatically against the U.S. dollar as a terror attack rocked London this afternoon.
The Scottish Herald
Kiltane swoops to save Ness stores: A buyer has been found for the high-profile Ness clothing brand and its remaining shops after the owner fell into administration last year, with the deal safeguarding 35 jobs.
Scots technology firm helps Unicef to focus refugee aid: An Edinburgh technology firm is helping to maintain the wellbeing of Somali refugees after collaborating with Unicef to monitor the Dadaab refugee camp in Kenya through satellite imagery.
French giant hits North Sea acquisition trail: French testing and inspection giant Bureau Veritas has underlined its desire to expand in the North Sea after buying an Aberdeen company to help it win more work on facilities like oil and gas platforms.
Rebel investor in Bowleven raises pressure on oil firm: Crown Ocean Capital has ramped up the pressure on Bowleven by increasing its holding in the oil and gas company’s shares to 23%, from 22%.
QikServe adds customisable kiosk system for hospitality operators: Qikserve, the payments software solutions provider for the hospitality industry, is launching a new product that will allow bars and restaurants to offer self-service kiosk terminals for customers.
Crisis fears for Scottish building sector: The construction industry faces being plunged into a fresh crisis amid fears the uncertainty brought by Brexit and the prospect of a second vote on Scottish independence will pull the plug on funding for projects.
Households downbeat about future for finances: U.K. households are at their most pessimistic since November 2013 about the prospects for their finances, against a backdrop of surging inflation and subdued pay rises, a survey shows.
Fledgling restaurateur in £100,000 revamp: A famous St Andrews restaurant, housed in a glass and steel structure overlooking the North Sea, has been acquired by an up-and-coming hospitality entrepreneur.
Property developer Chris Stewart bolsters top-level team with two key hires: Edinburgh property developer Chris Stewart Group is looking to corner the urban regeneration market across Scotland and other parts of the U.K. after expanding its senior management team with two key hires.
Office fit-out firm to expand with £2 million IGF loan: Glasgow-based office refurbishment firm Insite Contracts is looking to expand its business after securing a £2 million asset-based loan from Independent Growth Finance (IGF).
The Scotsman
Travelodge to create 325 jobs with 15 hotel openings: Hotel chain Travelodge is to open 15 hotels this year, including in Inverness, Peterhead and Stirling, creating 325 jobs in the process.
Ardgowan Distillery seeks £17 million after green light: A planned new distillery with historic links to ¬Robert the Bruce has launched a bid to raise £17 million and appointed independent chartered accountants Campbell Dallas amid plans to be operational in 2019.
Property firm Bidwells hails ‘substantial’ growth: The Scottish arm of property consultant Bidwells has racked up a 12% increase in annual fee income.
First building confirmed for Magenta business park: Work is set to get kick off at Magenta, Glasgow’s new satellite business district, after project costs for the development’s first building were approved by the board of Clyde Gateway.
BrewDog eyes Asia brewery as annual sales near £72 million: Craft beer producer BrewDog is looking at opening a brewery in Asia to capitalise on surging demand in the Far East.
City A.M.
Treasury Committee chair Andrew Tyrie calls for one-stop watchdog to fight cybercrime, warning current system is too “opaque”: The chair of the Treasury Select Committee is calling on the government to setup a one-stop watchdog to tackle financial cybercrime.
U.K. government plays down concerns European Central Bank could seize euro clearing from London: The government has played down the prospect of euro clearing activity being prised away from London after Brexit.
Shared ownership is a win-win for investors and aspiring U.K. home-owners: Five out of six people want to own their own home. But as we all know, house prices in recent decades have accelerated wildly to end up beyond the reach of many.
Three Mobile says 5G auction will define the firm’s ability to challenge the market: The Boss of Three Mobile said the outcome of the U.K.’s 5G auction will be vital for the mobile operator’s future.